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Repurchase Agreements | 12 Months Ended
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Dec. 31, 2011
REPURCHASE AGREEMENTS [Abstract] |
Repurchase Agreements | REPURCHASE AGREEMENTS The Company uses repurchase agreements, which are recourse to the Company, to finance certain of its investments. As of December 31, 2011, the Company had repurchase agreement borrowings outstanding with a weighted average rate of 0.61% with 20 of its 24 available repurchase agreement counterparties compared to a weighted average borrowing rate of 0.50% with 14 counterparties as of December 31, 2010. The equity at risk with each counterparty did not exceed 10% of shareholders' equity as of December 31, 2011. The following tables present the components of the Company’s repurchase agreements as of December 31, 2011 and December 31, 2010 by the type of securities collateralizing the repurchase agreement:
| December 31, 2011
Collateral Type | Balance |  | Weighted Average Rate |  | Fair Value of Collateral Pledged
Agency RMBS | $ | 1,447,508 |  |  | 0.38 | % |  | $ | 1,521,107 |
Agency CMBS | 290,362 |  |  | 0.59 | % |  | 329,612 |
Non-Agency RMBS | 12,195 |  |  | 1.85 | % |  | 13,597 |
Non-Agency CMBS | 283,266 |  |  | 1.54 | % |  | 336,124 |
Securitization financing bonds (see Note 9) | 60,462 |  |  | 1.65 | % |  | 67,872 |
| $ | 2,093,793 |  |  | 0.61 | % |  | $ | 2,268,312 |
| December 31, 2010
Collateral Type | Balance |  | Weighted Average Rate |  | Fair Value of Collateral Pledged
Agency RMBS | $ | 869,537 |  |  | 0.33 | % |  | $ | 908,375 |
Agency CMBS | 150,178 |  |  | 0.31 | % |  | 161,143 |
Non-Agency RMBS | 12,126 |  |  | 1.29 | % |  | 13,628 |
Non-Agency CMBS | 135,143 |  |  | 1.31 | % |  | 164,871 |
Securitization financing bonds (see Note 9) | 67,199 |  |  | 1.36 | % |  | 79,080 |
| $ | 1,234,183 |  |  | 0.50 | % |  | $ | 1,327,097 |
The combined weighted average term to original maturity for the Company’s repurchase agreements was 57 days as of December 31, 2011 and 50 days as of December 31, 2010. The following table provides a summary of the original maturity as of December 31, 2011 and December 31, 2010:
Original Maturity | December 31, 2011 |  | December 31, 2010
30 days or less | $ | 180,387 |  |  | $ | 478,848 |
31 to 60 days | 880,491 |  |  | 372,702 |
61 to 90 days | 496,509 |  |  | 202,569 |
Greater than 90 days | 536,406 |  |  | 180,064 |
| $ | 2,093,793 |  |  | $ | 1,234,183 |
Some of our repurchase agreement counterparties, as set forth in the master repurchase agreement with the counterparty, require us to comply with various customary operating and financial covenants, including, but not limited to, minimum net worth, maximum declines in net worth in a given period, and maximum leverage requirements as well as maintaining our REIT status. In addition, some of the agreements contain cross default features, whereby default with one lender simultaneously causes default under agreements with other lenders. To the extent that we fail to comply with the covenants contained in our financing agreements or are otherwise found to be in default under the terms of such agreements, the counterparty has the right to accelerate amounts due under the master repurchase agreement. The Company was in compliance with all covenants as of December 31, 2011.

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